EMERGING MARKETS-Philippine stocks hit 6-month low, Taiwan equities rebound

  • Reuters
  • Stock Market News
EMERGING MARKETS-Philippine stocks hit 6-month low, Taiwan equities rebound

* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

* Taiwan stocks on track for worst week in over a year

* Singapore stocks down 0.3%, dollar falls 0.21%

* Philippine shares down 1.9%

By Soumyajit Saha

May 14 (Reuters) - Philippine stocks shed 2% on Friday as investors continued to worry about lack of growth despite easing of restrictions there, while Taiwan stocks tracked gains in Asia after the island's premier reassured that it was prepared to fight the pandemic.

Most Asian equities came back to life after a turbulent week, with China .SSEC , South Korean shares .KS11 and India .NSEI stocks firming between 0.2% to 1.2%.

However, Manila shares .PSI hit a six-month low as COVID-19 restrictions were pulled back in some regions even as daily cases continued to average around 6,700 in May.

Philippines has the second-highest number of cases and deaths in Southeast Asia.

"Despite the general community quarantine relaxation, it still seems restrictive in terms of movement", said Astro del Castillo, managing director at First Grade Finance in Manila.

Lack of good news about the economy and on COVID-19 is keeping investors cautious, he added.

Markets were generally buoyed by Wall Street's strong finish overnight as reassurances from Federal Reserve officials about the transitory nature of surging inflation soothed nerves. the negative feedback loop seen in the risk assets and global equities triggered by the heightened risk of global inflationary pressure seems to have subsided," Kelvin Wong, a market analyst with CMC (NS: CMC ) Markets wrote.

Taiwan shares .TWII surged 1.2% and snapped four sessions of losses after Premier Su Tseng-chang said the COVID-19 alert level would not be raised and that it had more resources to fight the pandemic. the index is slated to lose over 8% for the week - its worst performance in over a year - as an unexpected spike in cases forced authorities to tighten curbs in public places.

Singapore shares .STI fell 0.3%, dragged by heavyweight Singapore Telecommunications Ltd STEL.SI after flagged a full year loss. dollar SGD= eased 0.2%, while the Philippine peso PHP= and Taiwanese dollar TWD=TP were little changed against a fluctuating dollar, which had strengthened on higher Treasury yields.

Markets in Malaysia and Indonesia were closed for a public holiday.

HIGHLIGHTS

** Thai central bank to announce new measures to help households and small businesses India's COVID-19 cases cross 24 million

** Indonesian 10-year benchmark yields are down about 0.9 basis points at 6.405% Asia stock indexes and currencies at 0451 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX STOCKS DAILY % STOCKS YTD

% Japan

JPY=

-0.05

-5.73 .N225

2.22

2.23 China

CNY=CFXS

+0.15

+1.30 .SSEC

1.21

-0.05 India

INR=IN

+0.04

-0.44 .NSEI

0.18

5.30 Philippines PHP=

+0.04

+0.44 .PSI

-1.86

-14.28 S.Korea

KRW=KFTC

-0.07

-3.88 .KS11

0.95

9.68 Singapore

SGD=

-0.19

-1.12 .STI

-0.28

9.52 Taiwan

TWD=TP

+0.08

+1.82 .TWII

0.62

7.02 Thailand

THB=TH

+0.00

-4.43 .SETI

-0.17

6.64

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